The State Bank of Pakistan Set To Launch New Currency Notes. SBP Governor Jameel Ahmed is leading this initiative. The goal is to improve the security of Pakistan’s currency. Additionally, the new notes will be more durable. This change marks a significant step in modernizing the country’s financial system.
Introduction of Polymer Currency Notes
The central bank plans to introduce new currency notes made from polymer paper. These notes are known for their durability and advanced security features. The first phase will test a single denomination on polymer paper. This trial will evaluate the notes’ security, lifespan, and practicality. If the trial is successful, other denominations will gradually be replaced with polymer notes.
Focus on Security Features Of New Notes
One of the key reasons for this change is the need to combat counterfeit currency. The new notes will feature advanced security measures, making them much harder to forge. This step aligns Pakistan with global standards, where many countries have already adopted polymer currency.
No Discontinuation of Rs 5,000 Note
During a Senate Standing Committee on Finance meeting, there was a suggestion to discontinue the Rs5,000 note, citing its role in corruption. However, the SBP governor clarified that there is currently no proposal to phase out this denomination.
Expected Completion Of New Currency Notes
The State Bank of Pakistan Set To Launch New Currency Notes by December 2024. However, no specific launch date has been provided. The central bank’s approach is cautious, ensuring that the new notes meet all necessary standards before full-scale implementation.
In summary, Pakistan’s introduction of new currency notes marks a significant step towards modernizing the country’s financial system. The SBP is strengthening the integrity of the nation’s currency by enhancing security features and potentially shifting to polymer paper. Stay tuned for more information.
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